What is all this noise that T.A. Doesn't Work?

Today's Nasdaq Forecast

Our original support target of 2762 was tested today...

We just updated that for our group...

Happy Trading to all !!

From Nasdaq Forecast 2/10:

While we can say it was quite a recovery, the damage was done.. stronger volume low, and with stronger volume failed to test the previous high. In short it was volume off the top and at a minimum we can expect a test of today's 2762 low at some point, and that could be in the next few days or the upthrust can continue and we'll make new highs.

From Nasdaq Forecast 2/10:

While we can say it was quite a recovery, the damage was done.. stronger volume low, and with stronger volume failed to test the previous high. In short it was volume off the top and at a minimum we can expect a test of today's 2762 low at some point, and that could be in the next few days or the upthrust can continue and we'll make new highs.

.........semi, at least TA referred to the european indexes is well working given that italy has turned down after touching its resistance. But with regards to your methodology..............would you call this........ an ST top, an IT one ......or THE TOP ? Just to know

I wouldn't call it any kind of top yet. I would call it a simple test of support.

The real technical news here today IS the LEADERSHIP oil stocks...

We have a KEY REVERSAL on the DAILY $XOI

Chart Here:

You don't care that the volume on $XOI reversal is so low?

You don't care that the volume on $XOI reversal is so low?

Price is the final arbiter. I've been watching stocks go up for a long time now on lighter volume, so no it doesn't bother me a bit... I don't have the final volume yet on my screen though, so I am not sure we went down on lighter volume today. My checks of major XOI component stocks CVX, XOM, OXY, BP and others all had STRONGER VOLUME on Monday.

So I don't have the final figure yet, but it looks like they did go down on MUCH STRONGER Volume.

You don't care that the volume on $XOI reversal is so low?

Price is the final arbiter. I've been watching stocks go up for a long time now on lighter volume, so no it doesn't bother me a bit... I don't have the final volume yet on my screen though, so I am not sure we went down on lighter volume today. My checks of major XOI component stocks CVX, XOM, OXY, BP and others all had STRONGER VOLUME on Monday.

So I don't have the final figure yet, but it looks like they did go down on MUCH STRONGER Volume.

Thought so, 2nd highest Volume of the year...